45th legislature - STATE OF NEW MEXICO - second session, 2002

RELATING TO THE CIGARETTE TAX ACT; ELIMINATING THE DISCOUNT ON VOLUME SALES OF CIGARETTE STAMPS.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. Section 7-12-7 NMSA 1978 (being Laws 1971, Chapter 77, Section 7, as amended) is amended to read:

"7-12-7. SALE OF STAMPS--PRICES.--

A. The department shall sell stamps to any person who sells in New Mexico cigarettes manufactured by that person and to any person who receives on consignment or buys unstamped cigarettes for sale, gift or consumption in New Mexico, provided such persons are registered with the department under the provisions of Section 7-1-12 NMSA 1978. Stamps shall be sold at their face value. [with the following discounts:

(1) four percent less than the face value of the first thirty thousand dollars ($30,000) of stamps purchased in one calendar month;

(2) three percent less than the face value of the second thirty thousand dollars ($30,000) of stamps purchased in one calendar month; and

(3) two percent less than the face value of all stamps purchased in excess of sixty thousand dollars ($60,000) in one calendar month.

B. If the face value of stamps sold in a single sale is less than one thousand dollars ($1,000), the discount provided for in this section shall not be allowed.

C.] B. Payment for stamps shall be made on or before the twenty-fifth day of the month following the month in which the sale of stamps by the department is made."

Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2002.